Oil prices rise for 3rd straight session as Houthis strike Saudi Arabia, Iran attacks tankers

Oil prices rose for a third consecutive session Monday as escalating tensions across the Middle East — fueled by an exchange of airstrikes between Yemen's Houthi rebels and Saudi Arabia — stoked fresh concerns about crude supply.

Brent crude for December delivery settled up 1.84 percent at $106.65 a barrel on the ICE Futures Exchange on Monday (local time). West Texas Intermediate for November delivery closed up 2.06 percent at $93.74 a barrel on the New York Mercantile Exchange.

Brent reached its highest level since Sept. 15, while WTI hit its highest since Sept. 24.

The gains came despite a supply agreement US President Donald Trump struck with Russia over diesel to help stabilize prices. Consecutive Houthi attacks targeting Saudi Arabia have kept supply worries alive, pushing oil higher for three straight trading sessions.

The Iran-aligned Houthis struck Riyadh's international airport on Saturday, killing 13 people, and continued to bombard the Saudi capital on Sunday and Monday. The attacks have disrupted operations at some Saudi refining facilities, and the east-west pipeline linking oil fields to the Red Sea coast is still running below pre-conflict levels.

Iran compounded the pressure by launching drone strikes against three oil tankers transiting the Strait of Hormuz within two days, casting fresh doubt over Middle Eastern crude export routes that had shown signs of recovery last month.